Fresnillo achieved its silver production target for 2024, culminating in a profitable year. While fourth-quarter silver output declined due to the San Julián mine nearing the end of its operational life, full-year silver production remained stable at 56.3 million ounces. Gold production exceeded expectations, increasing by 3.4% to 631,600 ounces. Average realized gold and silver prices surged year-on-year.
Fresnillo silver production hit guidance for the last quarter of 2024, helping the company round out a profitable year. "I am pleased to report another solid year of production, in line with, or in the case of gold, slightly ahead of the guidance we gave at the start of the year," Fresnillo chief executive Octavio Alvídrez said. Full year silver output totalled 56.3Moz, unchanged on 2023 and in line with guidance. Silver output over the fourth quarter was down 5.1% at 13.
4% at 631,600oz, slightly ahead of the guidance, helped by a strong fourth quarter. The average 2024 realised gold and silver prices were up 25.3% and 21.7% respectively year on year. "Overall, attributable silver production came in slightly below our estimates for the period, however it is positive to see better-than-expected gold, zinc and lead production during the quarter," Berenberg said in a note.
Fresnillo Silver Production Gold Production Mining Commodity Prices
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